Jimmy Smith's (jvsmithii) Blog

You want my sister's bank account statement when I'm buying the home? Yes, that might happen. If you are buying a home and seeking conventional financing, "large deposits" must be verified. The rules have recently eased. When bank statements (typically covering the most recent two months) are use...

I'm married and I want an FHA loan in my name only. A couple of months ago, I received a call from a borrower who stated this. The couple wanted to buy a home in north Texas and had already been prequalified with another lender. They were shopping for the best rate on an FHA loan.   She was shock...

How much money will I need to buy that $200,000 home in Dallas? Bottom line please! There are three categories of monies out of your pocket that you will pay for at closing. Those categories are:   1. Down-payment for a conventional loan is 5%, which is $10,000. The down-payment could be anywhere...

Take the guesswork out of getting a loan to buy a home.  Before shopping for a home, pick a loan representative to review your financial situation and complete a pre-qualification. Who you pick will determine the amount of worrying and guessing you'll have to do. Here are three basic questions to...

Should I accept a higher rate to pay my closing costs? It depends. Before we get into the details, let's review some terminology.   1. The Note Rate is the rate that it is used along with the term or amortization to determine your monthly principal and interest payment. 2. The Annual Percentage R...

I had a short sale, can I buy a home? Yes, but there are waiting periods for different types of financing. The terms “short sale”, "Deed-in-Lieu of Foreclosure", and “Preforeclosure Sale” are used interchangeably in this post and have the same meaning. This post will discuss the guidelines for Co...

Most people say cold calling is dead, but if you could double your results, would you? At my home, I receive 2-3 postcards a week from realtors asking for a listing. I wonder if they have read the 2014 National Association of Realtors Homebuyer and Seller Generational Trends when creating their m...

Do you know how buyers find you? Then that's your marketing plan. My favorite questions to ask at networking events are, "what's your marketing strategy? or How do you find your customers?" Most of the time the answer is, "Anything I can get!" Next time, I will most definitely refer them to the 2...